West Bloomington is home to a variety of food, retail and service businesses. We want to bring small businesses to West Bloomington and support the growth of our neighborhood through promotional events and programs.
The WBRP Microloan is an integrated non-traditional financing option for businesses who are located within the Westside of Bloomington. This lending option is specifically designed for operations who may not qualify for loans from traditional lending institutions. Both aspiring entrepreneurs and those with existing businesses who dream of expanding their operation are encouraged to apply. The loan provides funds ranging from $250 to $1,000 interest free with a 12 month duration.
Why Apply for a MicroLoan?
Unlike traditional lending options, the WBRP MicroLoan is more than just a loan. If granted this option, the loanee will be provided with opportunities to build connections and social capital, business advising through the Small Business Development Center, entrepreneurship/business management training, and access to a free/low cost business space for the duration of the loan.
The business must operate within the Westside of Bloomington as defined by the West Bloomington Revitalization Project Economic Development Committee. See the map below for boundaries (outlined in blue and shaded).
The applicant must a) majority own and operate their business within the confines of the above boundaries or b) aspire to develop and own a new business within the confines of the above boundaries.
The applicant must have an existing business savings account through an accredited banking institution (This account must be held separately from any personal accounts).
If the applicant is seeking to utilize the funds to design and implement a start-up business, the applicant must have and be able to demonstrate an alternate source of household income. This source must be outside that of which is thought to be and/or currently incurred from the start-up.
The applicant should be prepared to have two letters of recommendation. These should be written by a non-relative speaking to your character.
The applicant must be willing to have a credit check, be in bi-monthly contact with the WBRP for the duration of the loan, and attend one free two-hour class provided by the Small Business Development Center.
Applications are currently being accepted until February 22, 2020.
If you have questions about the microloan program or economic development opportunities, contact us via email.